🇬🇧A draft EU Parliament report published today would ban anonymous payments and donations in #cryptocurrencies such as #Bitcoin & #Ethereum. The stated aim to tackle money laundering and terrorism is only a pretext to gain more control over personal data.

patrick-breyer.de/en/digital-c

@echo_pbreyer I usually agree with you. Not this time.

This is not as clear-cut as it seems to be.

Cryptocurrencies (especially the "privacy coins") are not a cash replacement, the power dynamics are different because cash has friction when used in huge amounts that cryptocurrencies lack.

This makes cryptocurrencies (and esp. "privacy coins") way more useful for organized crime, corrupt politicians, and the superrich, than cash could ever be.

The power dynamics are *opposite* to those in case of cash.

@echo_pbreyer let me say this differently: where cash is a boon to private citizens in preserving their privacy from the rich and powerful, cryptocurrencies (esp. privacy coins) are a boon to the rich and powerful in making it more difficult to hold them to account.

The "cryptocurrencies = digital cash" false equivalence is a sham. Be careful what you support.

@rysiek @echo_pbreyer Nonsense. Electronic cash is the same as cash for all intents and purposes, and it's much easier to have HSBC launder your fiat money than it is to launder billions of EUR in cryptocurrency. You do actually have to get in and out of something like Monero if you intend to do that, because you're not going to be able to spend that in XMR or want to keep that in XMR. Which means it *is* perfectly detectable for the worst offenders, while this law would violate privacy for all.

@rysiek @echo_pbreyer Virtually all KYC/AML regulations are basically useless, as proven by studies to date, while they add severe cost to all transactions, and enable massive surveillance despite not being helpful for their intended purpose.

@raucao @echo_pbreyer the banking sector and advanced money laundering schemes, as opaque as they are, still allow for *some traceability*, again as shown by huge leaks and huge investigations.

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